Ethereum has seen some incredibly strong price action over the past several days and weeks, with ETH’s massive 2020 rally coming against the backdrop of immense bullishness within the aggregated cryptocurrency markets.
Ethereum’s bulls have even been able to maintain its newfound position within the $180, in spite of the drop seen today by Bitcoin and other cryptocurrencies.
Analysts are now noting that the macro situation for Ethereum is becoming incredibly bullish, and that the rally seen over the past few weeks could mark the start of its journey to fresh all-time highs.
Ethereum Holds Above $180 as Analysts Eye Significant Near-Term Upside
At the time of writing, Ethereum is trading down just over 2% at its current price of $180.50, and it is currently trading down from 24-hour highs of just under $186 that were set earlier this week.
It is important to note that the cryptocurrency has been able to bounce from daily lows of $176 that were set in tandem with Bitcoin’s drop to lows of $9,200, and the aggregated market does appear to be entering another consolidation phase.
Analysts are currently eyeing significant short-term upside for the cryptocurrency, as Galaxy, a prominent crypto analyst on Twitter, explained in a recent tweet that he is buying ETH at $180, with at $350 short-term sell target.
“Buying $ETH here at $180 and looking to sell at $350,” he explained.
Buying $ETH here at $180 and looking to sell at $350. pic.twitter.com/4shX2yruVV
— Galaxy (@galaxyBTC) January 31, 2020
While looking at the chart he references above, it appears that this major upside could be catalyzed by the crypto breaking a multi-year descending resistance level it is currently caught beneath.
Could ETH Be Kicking Off Its Next Journey to All-Time Highs?
Satoshi Flipper – another prominent cryptocurrency analyst on Twitter – explained in a recent tweet that the crypto’s weekly chart shows just how far it could run in the future, further adding that he does believe it will set fresh all-time highs in the future.
“Need to look at the ETH WEEKLY to fully appreciate where we are in the cycle. Ethereum will have another ATH in the future and riding this all the way back up can be life changing money. I’m betting on it,” he said.
Need to look at the $ETH WEEKLY to fully appreciate where we are in the cycle.#Ethereum will have another ATH in the future and riding this all the way back up can be life changing money. I’m betting on it. pic.twitter.com/FsnLag9dVz
— Satoshi Flipper (@SatoshiFlipper) January 31, 2020
If Ethereum does garner the type of short-term momentum that Galaxy is anticipating it to see, then it truly could be in the early stages of the next parabolic uptrend that sends it to fresh all-time highs.
Featured image from Shutterstock.